RIAA has published its 2021 Mid-Year Music Industry Revenue Report, most notably finding that recorded music grew 27% in the first half of 2021.
Compared to the previous year, recorded music revenues jumped from $5.6 to $7.1 billion. The report breaks down major contributors as follows: music streaming (84%), physical products (10%), digital downloads (5%), and synch (2%).
Paid subscriptions reached 80 million for the first time and continued to be the most essential contributor for growth. According to the RIAA report, they accounted for nearly 2/3 of total revenues and 78% of streaming revenue.
The RIAA adds, “The effects of Covid-19 continued to affect the industry, and year-over-year comparisons are significantly impacted by store closures, tour cancellations, and other disruptions from both 2020 and 2021.”
Read the full report here.
This article was first published on Your EDM. Source: RIAA: Recorded Music Industry Grew 27% in First Half of 2021